Lachlan Murdoch will take control of a new family trust in a deal worth $3.3 billion, ensuring that his father’s media empire will retain its conservative slant.

Under the terms of the deal, Lachlan’s three oldest siblings will receive $1.1 billion each for all their shares in the empire, according to the person with knowledge of the negotiations. Those shares are currently held in the existing family trust, which will be dissolved. This amounts to roughly 80 percent of the value of their stock at the close of trading Friday.

As part of the agreement, the ongoing litigation between Rupert and Lachlan, 54, and the three siblings over the trust will end. A new Murdoch family trust will be created that will include Lachlan and his two younger sisters, Grace and Chloe. That trust will hold the controlling stake in the two main Murdoch media companies, Fox Corporation and News Corp.

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